NEW DELHI, July 8 (Reuters) - Indian Prime Minister Narendra
Modi's government disappointed markets with its first major
economic policy statement on Tuesday, promising to seek foreign
and private funding for the railways but giving no details of
how it would lure investors.

Investors had harboured expectations for Modi's government
to use the railways budget - which precedes the full federal
budget by two days - to detail widespread reform.

India's state-owned railways are the fourth-largest in the
world. They have suffered from years of low investment and
populist policies that have kept fares low.

But that has turned a once-mighty system into a slow,
badly-congested network that crimps economic growth.
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